Question

Suppose that the demand for a product is given by

p= 1/2ln (5000-q/q+1)

where p is in hundreds of dollars and q is the number of tons.

(a) What is the elasticity of demand when the quantity demanded is 2 tons and the price is $371?

(b) Is the demand elastic or inelastic?

Step 1

The elasticity of demand when the quantity demanded (*q*) is 2 and the price (*p*) is 3.71 hundreds of dollars.

Step 2

**Formula used:**

Step 3

The given funct...

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